Nigerian Maritime Startup MVXchange Closes USD 100K Pre-seed Funding Round

By  |  May 28, 2019

Lagos-based on-demand B2B maritime service Motor Vessel Xchange (MVX) has announced the closing of their pre-seed funding round which was led by a US Venture Capital firm, Oui Capital.

Neon Ventures, Zircon marine, and other angel investors also took part in the funding round that led MVXchange to secure an aggregate amount of USD 100K.

Motor Vessel Xchange (MVX) is a startup that connects vessel charterers directly to offshore support vessels (OSV’s) operating in Africa.

The startup will channel the funds raised to scale its technology platform and acquire more enterprise users. MVX’s current markets consists of oil-producing African countries, where it matches vessel availability to vessel utilisation at the optimal market rate. The company claims to have reduced the period it takes to find a vessel from weeks to minutes.

Tonye Membere, co-founder and CEO of MVXchange said, “we are building the future of OSV chartering in Africa by reducing inefficiencies, increasing capacity and utilization of vessels across African waters and we’re happy to be working with our early investors. Their wealth of experience and network is a plus for us and we are excited to welcome them on-board”.

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The company is focused on “empowering users to conveniently charter and manage offshore support vessels while reducing man-hours, saving cost and improving performance.”

Featured Image Courtesy: Lagos Television

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